informa
2 min read
article

THQ confirms 240 job cuts, CEO takes pay cut

Ailing game publisher THQ confirmed on Wednesday that it is cutting 240 jobs worldwide, as CEO Brian Farrell takes a 50 percent pay cut for one year, down to $360,000.
Ailing publisher THQ on Wednesday confirmed deep cuts to its headcount, related to recent restructuring measures. The publisher initiated a plan last week to lay off 240 sales, general and administrative personnel worldwide, according to a regulatory filing. The confirmation of the cuts comes shortly after THQ said it would be exiting the once-lucrative kid's licensed game business, and restructuring to focus on core games and digital revenues. Most of the layoffs will be completed by the end of March, the company said, with the rest completed by September. Severance payments to laid-off workers will amount to around $8 million. Company president and CEO Brian Farrell will be taking a 50 percent cut to his base salary, from $718,500 to $359,250, for a one-year period beginning February 13, 2012. After that year is up, THQ and Farrell will then review the base salary going forward, "provided that it shall be no lower than $718,500 per year commencing on February 13, 2013." That amount is subject to increase, but not decrease, for years going forward, the contract said. The revised contract also reduces Farrell's bonuses. Non-employee directors also took 50 percent cuts. THQ currently faces a possible delisting from the Nasdaq stock exchange. The company has until July 23 to maintain a share price of at least $1 per share for 10 consecutive days. Its stock is currently listed at around 70 cents per share.

Latest Jobs

Disbelief

Chicago, Illinois
05.10.22
Producer

Build a Rocket Boy Games

Edinburgh, Scotland
05.12.22
Lead Animation Programmer

Windwalk Games

Austin, Texas
05.16.22
Game Designer

Sucker Punch Productions

Bellevue, Washington
05.10.22
Campaign Director
More Jobs   

CONNECT WITH US

Register for a
Subscribe to
Follow us

Game Developer Account

Game Developer Newsletter

@gamedevdotcom

Register for a

Game Developer Account

Gain full access to resources (events, white paper, webinars, reports, etc)
Single sign-on to all Informa products

Register
Subscribe to

Game Developer Newsletter

Get daily Game Developer top stories every morning straight into your inbox

Subscribe
Follow us

@gamedevdotcom

Follow us @gamedevdotcom to stay up-to-date with the latest news & insider information about events & more